Mortgage rates have soared over the past year and now stand at 7.79% for a 30-year fixed-rate mortgage, per Freddie Mac. Amid the skyrocketing rates, many would-be buyers have been priced out, and the housing market has experienced a decline from the competitive market seen for much of 2021 and 2022.
Now, lenders have a proposition for those deterred by the nearly 8% rates — buy the house now, and refinance later at no cost.
